An employee picks up a gold bar at the Austrian Gold and Silver Separating Plant 'Oegussa' in Vienna August 26, 2011. Oegussa processes some 100 tons of various precious metals and generates a turnover of 300 million euros a year. REUTERS/Lisi Niesner (AUSTRIA - Tags: BUSINESS) - RTR2QCHL

Demand for gold fell in the first quarter of 2018

The World Gold Council (WGC) announced Thursday that demand for gold fell in the first quarter of this year, indicating that growth in China and the United States was offset by weaker Indian demand for gold.

Demand for gold fell by 7 percent to 973.5 tonnes in the first quarter of 2018, the board said, citing the decline in demand for gold bullion and gold-backed trading funds.

Growth in China and the United States offset weaker Indian demand for gold, he said, adding that total gold supply rose 3 percent to 1,063.5 tonnes.